Industry Leaders Combine to Form Unparalleled Company in
Healthcare Value Management
Merger of four companies creates leading solution in network management,
claims integrity and payment remittance solutions for healthcare payors
BEDMINSTER, NJ and ATLANTA, GA, January 28, 2016 – Premier Healthcare Exchange (“PHX”),
Stratose, GlobalCare and Pay-Plus® Solutions (“PPS”) announced today the merger of their
respective organizations, creating the next generation company in claims cost containment and
healthcare value management. The merger is designed to bring four best-in-breed companies,
each with leading technology solutions, together to form an end-to-end solution to address the
ever changing needs of the healthcare community.
The transaction was sponsored by Parthenon Capital Partners (“Parthenon”), a growth-oriented
private equity firm that focuses on building franchise companies in the healthcare and financial
services sectors. Parthenon is providing both capital and strategic resources to support the
innovation and growth initiatives of the new company. As part of the transaction, senior leaders
of the predecessor companies have retained significant ownership in the combined entity.
The combined company will offer a powerful, unique technology solution to address the broad
claims cost containment and value management needs of healthcare payors including large and
medium-sized health plans and TPAs, providers and patients. Combined, the four organizations
provide a comprehensive array of network management, claims integrity, payment remittance
solutions and analytical services for medical, dental and workers’ compensation claims to over
500 payor clients. In addition, the combined company delivers electronic payments and
explanation of payments to over 180,000 healthcare providers and serves patients with provider
lookup and medical referral services. The combined company is a leader in new product
innovation and technology development with a long track record addressing the complex needs
of the healthcare community.
“Strategically, we believe the union of these four great companies will enable us to bring unique,
data-driven solutions to the market while expanding on our outstanding individual core services.
The combination of industry experience, expertise and relationships will further strengthen our
ability to deliver more than just cost containment services. In fact, the new organization will
provide a comprehensive solution that produces value management,” said Todd Roberti,
Founder of PHX and PPS. “The notion of value management has been an aspiration for some
time. As soon as we began working with Parthenon, we realized that their expertise in building
franchise companies along with their financial and strategic resources were a perfect match with
the assets that we knew were necessary, to fulfill our vision for growth.”
Tina Ellex, President of Stratose adds, “Our respective organizations are thrilled with what this
combination will bring to our clients and the healthcare market in general. While we each bring
complementary technologies and solutions, we all share a “client first” philosophy and core
mission to address the changing needs of our clients. We believe in the power of providing a
comprehensive solution from the inception of a claim to its payment, and I know the combined
organization will offer an unparalleled value proposition to our clients in the health, workers’
compensation and dental payer markets.”
“We are very excited to be part of building another franchise company in the payor solutions
market. We have followed PHX, Stratose, GlobalCare and PPS for many years and always believed
in the power of this specific combination of companies. We are pleased to be part of bringing
these companies together and the opportunity to partner with the talented management
teams,” said Dave Ament, a Managing Partner at Parthenon Capital. ”We look forward to
supporting the company in a number of growth initiatives as it continues to bring new solutions
and technologies to the market.”
The existing operations of the four predecessor companies will serve as the foundation of the
new company with a significant presence in Bedminster, NJ, Atlanta, GA and Clearwater, FL.
Cain Brothers, Inc. advised PHX and PPS in the transaction. Kirkland & Ellis, LLP acted as the
legal advisor to Stratose and Parthenon Capital Partners. DLA Piper, LLP acted as legal adviser
to PHX and Pay-Plus.
About Premier Health Exchange
PHX (www.phx-online.com) provides advanced network and cost management solutions for
health plans. By combining claim processing automation with professional services, PHX
seamlessly delivers a timely, centralized approach to healthcare cost management. This approach
results in a significant reduction in payment errors, appreciable improvement in the time needed
to bring claims to resolution and in savings that substantially reduce the healthcare costs of its
clients. PHX solutions are utilized by industry leading insurance companies, Taft-Hartley Funds,
Health Maintenance Organizations (HMOs) and Third Party Administrators (TPAs).
About Stratose
Stratose (www.stratose.com) is a marketplace leader providing comprehensive solutions for
managing healthcare costs. Stratose utilizes proprietary technology and a suite of products and
services to deliver industry leading discounts on medical, dental and workers' compensation
billings by accessing direct provider contracts, PPO networks, provider negotiations, proprietary
re-pricing tools including Medicare, to achieve industry leading savings for its national client base.
About GlobalCare
GlobalCare (www.globalcare.net) is a Georgia based corporation with over 20 years of experience
providing medical cost containment and savings management services. GlobalCare is committed
to improving America’s healthcare system by empowering Payers, Providers and Patients to
make more informed, cost effective and integrated healthcare decisions by delivering advanced
cost management and data driven solutions. Payers realize the greatest value on their healthcare
dollars both operationally and financially through utilization of GlobalCare’s proprietary
technology and industry experience.
About Pay-Plus Solutions
PPS (www.ppsonline.com) delivers easy, fast and reliable electronic payments and explanation
of payments to healthcare providers. The PPS system offers the options of delivering funds
electronically via ACH, payment card products and Virtual Reimbursement Accounts (VRA) as well
as payment data directly to healthcare Providers, via clearinghouses, FTPS or its web-based portal
www.ppsonline.com. PPS is a leading system designed exclusively for healthcare which combines
banking functions, claim payments and remittance, as well as, integration with traditional paper
processes.
About Parthenon Capital Partners
Parthenon Capital Partners (www.parthenoncapitalpartners.com) is a leading mid-market
private equity firm based in Boston and San Francisco. Parthenon utilizes niche industry expertise
and a deep execution team to invest in growth companies in service industries. Parthenon seeks
to be an active and aligned partner to management, either through recapitalization transactions
or by backing new executives. Parthenon has particular expertise in healthcare technology and
services, financial and insurance services and business services, but seeks any service, technology
or delivery business with a strong value proposition and proprietary know-how. Parthenon’s
investment team has deep experience in corporate strategy, human capital, capital markets and
operations, thereby enabling the firm to pursue complex, multi-faceted value creation
opportunities.
MEDIA CONTACT:
Jeanene Timberlake
RooneyPartners
[email protected]
+1 (646) 770-8858